Cenovus Energy is cutting salaries and its capital spending plan as global oil prices have plummeted due to the COVID-19 outbreak and a Saudi-Russia price war.
It’s reducing capital spending by another 150-million dollars on top of a 450-million cut announced on March 9th.
It’s also suspending its quarterly dividend and forecasting operating and general and administrative cost reductions totalling 150-million dollars.
C-E-O Alex Pourbaix’s annual base salary is also being cut by 25 per cent as of May 1st, with graduated cuts of 15 to 12 per cent for other executives and employees.
